Godfrey Benjamin
Bitcoin traders are showcasing FUD, trend that might prove beneficial for price rebound soon
Many investors are waiting for the price of Bitcoin (BTC) to rebound after weeks of rangebound motion. While the prospects for a rebound remain high, market analytics platform Santiment has revealed that the market is currently experiencing “Bitcoin trader fatigue.”
Bitcoin twist imminent
Notably, Bitcoin trader fatigue was highlighted as a major troubling trend as this extended level of Fear, Uncertainty and Doubt (FUD) is rare, as traders continue to capitulate. Santiment pointed out that this disinterest in Bitcoin comes as the price of the coin hovers from $65,000 to $66,000.
According to the chart shared by the market analytics platform, the Weighted Sentiment of Bitcoin comes in at -0.800433. Amid this FUD, one intriguing trend is that Bitcoin whales are accumulating the coin at an alarming rate. Santiment noted that this negative sentiment, mixed with whale accumulation, often signifies upcoming bottoms.
What this signals essentially is that the sell-offs in the price of Bitcoin might soon shift gears, with prospective accumulation set to take over across the board.
At the time of writing, Bitcoin was trading for $65,849.86, up by 0.83% in the past 24 hours. While this uptick is not uncommon considering its latest price action, Bitcoin might need more visible accumulation for it to wriggle completely out of the bear zone.
Fundamentals are there
Bitcoin is the most revered digital currency, a recognition that gives it an edge against elongated sell-offs. The presence of the spot Bitcoin ETF, the past halving cycle and corporate embrace is set to help return bullish energy to the coin.
At the current level, the volume is still showcasing a buildup in general interest as it is down by 44.26% to $19,148,407,098. A sustained return of inflows into the U.S. spot Bitcoin ETF might be a major trigger to watch out for in the long term.
